Key regions: Russia, South Korea, Canada, United States, Philippines
The Fresh Fish Market in Eastern Asia is experiencing minimal growth, influenced by factors such as fluctuations in supply and demand, increasing competition, and changing consumer preferences. Despite this, the market is still driven by the convenience of online purchasing and the rising health awareness regarding the benefits of consuming fish and seafood. This has contributed to the overall growth of The Food market in the region.
Customer preferences: As the demand for fresh and healthy food options continues to rise, consumers in Eastern Asia are increasingly turning to sustainable and locally-sourced seafood. This trend is driven by a growing awareness of the environmental impact of food production and a desire for transparency in the supply chain. In addition, there is a growing preference for seafood that is free from additives and antibiotics, reflecting a larger shift towards clean and natural eating habits. This has led to an increase in demand for organic and aquaculture-certified products in the Fresh Fish Market, as consumers seek to make more informed and responsible choices in their food consumption.
Trends in the market: In Eastern Asia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is experiencing a surge in demand for sustainably sourced seafood. This trend is driven by consumers' increasing awareness and concern for the environment. As a result, there is a growing number of partnerships between fisheries and retailers to promote responsible fishing practices. This trend is expected to continue, with the potential for certifications and labeling to become more prevalent in the market. This will benefit both consumers and industry stakeholders, as it ensures the sustainability of the seafood supply and meets consumer demand for sustainable products.
Local special circumstances: In Eastern Asia, the Fresh Fish Market of the Fish & Seafood Market within The Food market is heavily influenced by the region's rich fishing industry and cultural traditions. The demand for fresh, high-quality seafood is driven by the countries' coastal locations and strong seafood consumption habits. Additionally, strict regulatory standards and government policies on seafood import and export play a significant role in shaping the market dynamics. This creates a unique market environment with a focus on sustainability and quality, with an emphasis on traceability and food safety.
Underlying macroeconomic factors: The Fresh Fish Market of the Fish & Seafood Market within The Food market in Eastern Asia is heavily influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other financial indicators. Countries with strong economic growth and stable fiscal policies tend to have a higher demand for fresh fish and seafood products, leading to a thriving market. Additionally, favorable trade agreements and investments in infrastructure can also contribute to market growth. However, challenges such as fluctuating exchange rates and trade tensions can negatively impact the market. The increasing demand for healthy and sustainable food options, particularly in the growing urban population, is also driving the growth of the Fresh Fish Market in Eastern Asia.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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